Palmdale Foreclosure Lawyers

Find the right Foreclosure attorney in Palmdale, CA

Foreclosure Law in California

In Palmdale, California, foreclosure is a legal process through which an entity which has issued a mortgage takes possession and/or ownership of the property that secured the mortgage, because the person who took out the mortgage has consistently failed to make payments on it. The property in question is usually a house.

When consumers have to deal with foreclosure, it almost always involves a home. The bank will usually take possession of the house, and then sell it at auction, to try to cover the balance of the mortgage. Banks normally want sell the property quickly, for as much money as possible.

In California, and every other state, foreclosed homeowners can go through a "foreclosure by judicial sale." In this type of foreclosure sale, a court supervises the sale, ensuring that the bank makes every reasonable effort to get the highest price possible for the house. The purpose of this is to maximize the chances that the bank gets, at the very least, the remaining balance of the mortgage. Although this may seem counter-intuitive, it is intended to protect the borrower: it helps prevent them from still owing money after the house is sold at auction.

In a large number of states, but not all of them, mortgages are a type of loan recognized as a "non-recourse loan." While the regulations governing these loans are complex, it most basically means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.

How to Possibly Avoid Foreclosure in Palmdale, California

First and foremost, you need to communicate with your lender, and not ignore the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be straightforward with your lender, and stay in touch with them as much as possible.

Throughout all this, you should remember one thing: the bank doesn't really want your house. After all, banks aren't real estate speculators, they're primarily money lenders. They stand to make a great deal of money if you are able to make your mortgage payments until it's paid off. They're likely to make much less if they're forced to sell your house.

If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender immediately. You might find that they are willing to accept lower payments, if this will prevent you from defaulting.

As a last resort, you might consider a "short sale," which results in loss of the home, but it normally leads to a great deal of the debt on the mortgage being forgiven. Basically, a short sale in California involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what's left on the mortgage, the balance of the debt is forgiven.

Can a Palmdale, California real estate attorney help?

If you feel that your home is close to being foreclosed in Palmdale, California, and want to try to prevent this, the advice and assistance of an accomplished real estate lawyer can mean the difference between keeping or losing your home.

Talk to a Real Estate Law Attorney now!

Life in Palmdale

Palmdale, California is a thriving and expanding city with a population of about 153,000 people. It is situated in the northern area of Los Angeles, California. Palmdale is locally known as a commuter and family-oriented community, and boasts a high quality of life due to revitalization projects. The city is nicknamed the "Aerospace capital of the U.S.", on account of the many aerospace companies that are active there.

In particular, Lockheed Martin and Northrop Grumman (both aerospace companies) are the largest employers in Palmdale, California. Many other types of manufacturing companies have relocated to the city due to special zoning laws for businesses. Special economic zones in Palmdale offer state and federal tax breaks to businesses that relocate to the city.

Palmdale, California is also home to many local sites of interest. For example, Antelope Valley Mall is located in the city and houses a shopping space of over 1 million square feet. The Palmdale Amphitheater seats 10,000 people and is the site for the summer event, "Starlight Concert Series". Palmdale residents also enjoy visiting the Rancho Vista Golf Course, which is a PGA-class golf facility.

Lawyers in Palmdale, California have experience in a variety of legal matters. Palmdale lawyers are available to address the individual needs of their clients. Palmdale lawyers can also provide assistance with the unique laws that regulate the area.

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